Yunqi Capital, which holds 5.1% of STAAR Surgical, sent a letter to the company’s board on October 31, 2025, requesting that the board terminate the proposed all‑cash merger with Alcon Inc. The letter cites concerns that the $28 per share offer undervalues STAAR and that the board is attempting to revive a deal that has faced significant shareholder opposition.
The merger, announced on August 5, 2025, values STAAR at approximately $1.5 billion in cash. Yunqi Capital has previously expressed opposition to the deal, arguing that the offer does not reflect the company’s intrinsic value, especially given recent sales declines in China and the broader myopia market.
In addition to Yunqi Capital, STAAR’s largest shareholder, Broadwood Partners, has also opposed the transaction, and proxy advisory firms ISS, Glass Lewis, and Egan‑Jones have recommended voting against the merger. The board’s decision to postpone the special shareholders’ meeting—originally scheduled for October 23 and later moved to December 3—has intensified scrutiny of the deal.
The letter adds to mounting pressure on the board as the merger moves through regulatory review and shareholder approval. If the board accepts Yunqi Capital’s request, the transaction could be delayed or abandoned, potentially affecting Alcon’s acquisition strategy and the projected synergies from integrating STAAR’s EVO ICL technology into its refractive surgery portfolio.
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